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This week the pound moved towards the upside as expected confirming the main count and the pound fell short of the specified target by 15 pips.

The recent upwards movement is highly likely complete and this week`s count explores the possibility of a downwards reversal and what supports that view from an Elliott wave perspective. We are updating the main count according to the latest price action adding tight invalidation points and targets.

In this monthly analysis, we’re going to review our previous counts, reassess the different possibilities for the euro’s movement over the coming months, and update our targets and invalidation points according to the latest price action.

On Thursday`s session the pound unfolded towards the downside, the confirmation point was not reached and the pound moved in an impulsive manner towards the downside invalidating the main hourly count.

We are updating the main count according to the latest price action and as always we will wait for confirmation point to be reached to determine the highly probable count.

On Wednesday`s session the pound unfolded towards the upside confirming the main count and the pound fell short of the specified target by 15 pips.

We are updating the main count according to the latest price action and it should be noted that from an analytical point of view, wave v pink is considered mature and we will touch upon that point in the last part of today`s analysis.

Almost nothing has changed with our latest view on the euro. Its movement so far has been slow and it’s yet to reach our confirmation or target points.

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points. And as usual we’ll use each count’s invalidation point as confirmation of the other count.

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